Risk Assessment

Risk assessment is a step in a risk management procedure. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk (R):, the magnitude of the potential loss (L), and the probability (p) that the loss will occur. In all types of engineering of complex systems sophisticated risk assessments are often made within Safety engineering and Reliability engineering when it concerns threats to life, environment or machine functioning. The nuclear, aerospace, oil, rail and military industries have a long history of dealing with risk assessment. Also, medical, hospital, and food industries control risks and perform risk assessments on a continual basis. Methods for assessment of risk may differ between industries and whether it pertains to general financial decisions or environmental, ecological, or public health risk assessment.

Read more about Risk Assessment:  Explanation, Risk Assessment in Public Health, Risk Assessment in Auditing, Risk Assessment and Human Health, Risk Assessment in Information Security, Risk Assessment in Project Management, Risk Assessment For Megaprojects, Quantitative Risk Assessment, Risk Assessment in Software Evolution, Criticisms of Quantitative Risk Assessment, Risk Assessment in Shipping Industry

Other articles related to "risk assessment, risk, risks, assessment":

Risk Assessment in Shipping Industry
... July 2010 shipping companies implemented risk assessment procedures in order to asses the risk in key shipboard operations ... The risk assessment should be performed before performing a key operation ... If the risk is assessed to be high, then additional measures must be implemented in order to reduce the risk ...
Cisgenesis
... Food Safety Authority (EFSA) issued a report with their risk assessment of cisgenic and intragenic plants ... that the existing European guidelines for risk assessment of food and feed from genetically modified plants and the guidelines on the environmental risk ...
Lightning Rod - Risk Assessment
... Some structures are inherently more or less at risk of being struck by lightning ... The risk for a structure is a function of the size (area) of a structure, the height, and the number of lightning strikes per year per mi² for the region ... The National Fire Protection Agency provides a risk assessment worksheet in their lightning protection standard ...
Committee Of Sponsoring Organizations Of The Treadway Commission - Internal Control— Integrated Framework - Five Framework Components
... Risk assessment Every entity faces a variety of risks from external and internal sources that must be assessed ... A precondition to risk assessment is establishment of objectives and thus risk assessment is the identification and analysis of relevant risks to the achievement of assigned ... Risk assessment is a prerequisite for determining how the risks should be managed ...
COSHH - Requirements - Risk Assessment
... public to a substance hazardous to health without a risk assessment and implementation of the steps necessary to comply with the regulations ... The assessment must include consideration of any information provided by the supplier of a substance (CHIPS) (reg.6(2)(b)) and must be reviewed regularly, and also when there is reason ... The assessment must also consider any occupational exposure limit, in particular, those mandated by the HSE (reg.6(2)(f)) ...

Famous quotes containing the words assessment and/or risk:

    The first year was critical to my assessment of myself as a person. It forced me to realize that, like being married, having children is not an end in itself. You don’t at last arrive at being a parent and suddenly feel satisfied and joyful. It is a constantly reopening adventure.
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    Kemmerick: He’s dead. He’s dead.
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    Katczinsky: It’s a corpse, no matter who it is.
    Maxwell Anderson (1888–1959)